Income and Reporting
Know what income needs to be reported and how to stay compliant with tax regulations.
By Arani1 author8 articles
- What Are the Different T4s?The T4 series includes tax slips issued to report various types of income or benefits to the CRA, each specific to certain income types.
- Do I Have to Claim My Tips?Yes, tips are taxable income in Canada and must be reported on your tax return, whether received directly, pooled, or included in your paycheck.
- Do I have to claim small cash jobs?Yes, all income, including small cash payments for informal work, must be reported to the CRA, regardless of the amount.
- Do I have to claim bank interest on a checking/savings account?Yes, bank interest earned on checking or savings accounts is taxable in Canada and must be reported to the CRA, regardless of the amount.
- Why Would I Pay EI Premiums on My Self-Employment or Other Income?Employment Insurance (EI) premiums are deducted from employee wages, but self-employed individuals can opt in to access the same benefits.
- How to Enter Your Spouse’s Income as a Non-Resident on CloudTaxThis article explains how to correctly enter your spouse’s income on CloudTax if they were a non-resident in 2024, based on whether or not you (the taxpayer) are a newcomer…
- How to Report Your Spouse’s Income When You Become a Canadian Resident Mid-YearHow to report your spouse’s net income on a Canadian tax return when you become a resident of Canada partway through the year, including how to split the income between…
- Do You Need to Report a Principal Residence Sale in Canada? (Schedule 3 Explained)Clear explanation of how to report a principal residence sale in Canada, including Schedule 3 and Form T2091 requirements, with a focus on automatic filing and full exemption scenarios.